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"I think you forgot to mention the interest rate and without interest rate it..."

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I think you forgot to mention the interest rate and without interest rate it is difficult to calculate and tell you the amount Then also we do not know the terms and conditions between you and the agent. The agreement between you two with terms and conditions of the company and the lender. Different banks charge at different rates in different country, so it is difficult to estimate without rate of interest. Its better to follow written down method. It also depends on how much cash or down payment you are making and also the time periods and rate of interest you are taking the loan. There can be fluctuation made in interest rates and number of years.

"If you want to comfortably afford the monthly loan payment..."

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If you are looking to borrow money for a $300,000 mortgage, you will need to be earning at least $60,000 per year if you want to comfortably afford the monthly loan payment. There are various factors that come into play when considering home affordability however. That includes, your current debt level, the amount of down payment you will make, your current credit rating score and your salary history. It is a good idea to try to get preapproved first so that when you are shopping you don`t have to put financing as a condition. This will let you bid on a house you like much faster and may be the difference between getting a home and losing it.

"Since a mortgage payment isn`t the only expense involved with owning a home..."

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If you want to get pre-approved for a 300,000 mortgage, go online and try a mortgage calculator to see how much income or salary you need to qualify today. The numbers are estimates, but they give you a good idea to work with. Plus, they let you take into consideration your current debts, since a mortgage payment isn`t the only expense involved with owning a home. If you are from the U.S., check out yahoo`s real estate home affordability calculator here: http://realestate.yahoo.com/calculators/afford.html
If you are from Canada, check out the Canadian mortgage affordability calculator http://www.cmhc-schl.gc.ca/en/co/buho/buho_007.cfm.

" if you have an impressive down payment..."

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How much money you need to make in order to afford a 300,000 house or mortgage is largely determined by your financial status. Even if you earn a little less than what the average lender would like to see, if you can prove your income has been steady and that you have good to excellent credit, many mortgage lenders will be willing to loan you an amount that, on paper, could seem higher than you can afford. The point is that every situation is different. Also, cash money talks. If you have an impressive down payment, bankers will more often than not rate you higher than a mortgagee applicant with little or no money down.

"Year to be able to afford the monthly payment of the mortgage loan..."

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If you want to buy a 300,000 home, you need to be earning at least $60,000 per year to be able to afford the monthly payment of the mortgage loan. This is not a rule, but a guide. Lenders base their maximum mortgages on how much money you put as a down payment, how long you have been employed at the same company, what your credit rating is like, how many other debts you currently owe, and so on. They want to make sure that your debt to equity ratio doesn`t get too out of whack so that you don`t become a high risk for default.

"But how much your total monthly income is from investments and other source..."

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Keep in mind that you can`t just look at how much your salary is, but how much your total monthly income is from investments and other source. By the same token, when evaluating how much home you can afford, be sure to list out all of your expenses, not just the mortgage payment. Remember to add your home insurance costs, your property taxes, your car payment, how much you may owe on a line of credit or credit card and their payments. There is more to a mortgage than meets the eye, don`t forget about all your other debts.

"Your monthly payment would be about $1700 per month..."

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Using today`s rates, for a 25 year mortgage worth $300,000 at a fixed interest rate of 4.75% over a 5 year term, your monthly payment would be about $1700 per month, or about $790 bi-weekly. In terms of how much salary you need to afford this kind of payment, in general, your gross (pre-tax) monthly salary should be greater than 35% of your mortgage, property tax and other ongoing debt payments. So in this case you would need to be earning about $77,000 per year in gross salary.

"Loans are given out at7~15% interest rate..."

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Loans are given out at7~15% interest rate. There is NO WAY that a loan investment can generate 800% unless it is over 20 years or something and even if then. DON`T do it! Probable scam if they start promising 20 times the investment etc. Besides, real estate market is going to go down over the next few years. The warning signs of a bubble market are already out there. For now, place into a bank that pays good interest.

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Monthly payments on a loan of $7.000.00 at 10% interest for n36 months?